Dubai’s real estate sector is set to experience a remarkable 30% year-on-year growth by the end of 2024, according to the latest report from Property Monitor. The market has already set several records this year, reflecting the ongoing strength and confidence in the sector.
Record-Breaking Performance in October
In its October 2024 report, Property Monitor revealed that the property market had set four significant records in a single month. The prices per square foot have surpassed the previous all-time high by 20%, with the cost reaching AED 1,473 per square foot, nearly 20% above the peak recorded in 2014. The total number of transactions for October surpassed 20,000 for the first time in Dubai’s history, a 13% increase compared to September. Additionally, more than 4,300 mortgages were secured, and 48 new real estate projects launched, contributing 15,000 units to the market.
Strong Market Fundamentals
The report underscores the growing momentum of Dubai’s property market, which has maintained a strong pace through the year, driven by both local and international investor confidence. Henry Bacha, CEO of Property Monitor, noted that the market is poised for continued growth, with 2024 likely closing with a 30% sales growth over the previous year. Looking ahead, he expressed cautious optimism that the market will continue to grow into 2025.
In terms of market prices, October saw a 1.73% increase compared to September, with the median price for an apartment at AED 1.271 million, townhouses at AED 2.885 million, and villas at AED 7.298 million. This upward trajectory is seen as a reflection of Dubai’s resilience and growing stature on the global real estate stage.
Surge in New Developments
The strong performance also includes a significant rise in new property launches. In October alone, 48 projects were launched, adding 15,000 new units to the market. This brings the total number of new-to-market units in 2024 to over 100,000 across 343 developments, a major increase from previous years.
The ongoing growth in the real estate sector is supported by several factors, including favorable economic policies, increasing demand for both residential and commercial properties, and a steady influx of foreign investment.
Outlook for 2025
As the year progresses, Property Monitor’s data points to a solid foundation for future growth, with Dubai’s property market expected to remain a key player in the global real estate landscape.
